The correct option is Only a. Explanation & Key Takeaways: National Income Committee • In 1949, soon after the establishment of independent India, the National Income Committee (NIC) was formed to compile statistics and estimate national income. Hence statement a is incorrect. • The committee was headed by P.C. Maharanobis and included D.R. Gadgil and V.K.N.V. Rao. Hence statement b is correct. • The first report of the National Income Committee appeared in April 1951 and the final report in 1954. Hence statement c is correct. Related Concepts: National income • The National income of a country means the total incomes earned by the citizens of that country during a given period, over a year. • National income accounting refers to the set of methods and principles that are used by the government for measuring production and income, or in other words economic activity of a country in a given period. • The various measures of determining national income are GDP (Gross Domestic Product), GNP (Gross National Product), and NNP (Net National Product) along with other measures such as personal income and disposable income.